Skip to main content

tv   MONEY With Melissa Francis  FOX Business  June 6, 2013 5:00pm-6:01pm EDT

5:00 pm
country where workers take the most days off, numb per three, 3 germany. number two, portugal. austria, 35 days off. adam: get back to work! money with perhaps france up next. >> i'm melissa francis and here's what's money tonight. while millions of americans were suffering the irs was making "star trek" parodies with our tax dollars. reckless irs workers face the music in congress but will these hearings even stop this from happening again? plus should parents be fined if a kid was a bully. one wisconsin says yes. a new law sets off a firestorm of controversy. the police chief behind it joins us. and who made money today. including what the government is paying off big for a certain group of investors, keep watching to find out who because even when they say it's not, it is always about money
5:01 pm
>> i'm going to tell you about a wealth of skilled leaders anarchy is spreading across the planet like a virus. how long before total anarchy? ii my calculations are correct, total anarchy will occur in 11:11 hours. melissa: oh. it's not exactly total anarchy, i guess, but i mean to be serious, our economy was in pretty bad shape in august 2010 when that infamous irs "star trek" parody was made. the unemployment rate was 9.5% the government was spending $5.7 million a minute every single minute. average new home prices down 15% from the 2006 peak at this moment. the dow was down almost 25% since october 2007, which was then its all-time high. that was while they were making their video. that is what was going on for the rest of us. so while the spock video may
5:02 pm
have seemed funny to irs employees at the time, the fact that our money, yours and mine was being spent this way, really nothing short of outrageous. even "the new york times", "the new york times"! says, quote, the administration has now lost all credibility. that is the "new york times." normally the champion. amazing. joining me now, republican congressman john michael. welcome back to the show. >> good to be with you. melissa: it's a new outrage every single day. people watch that video and, you laugh because you either laugh or cry as you're watching that. but if you think of the pain that was going on in america at that time, how high unemployment was, as they were spending $50,000 of our money, making that video, i mean, how do you feel about that and what do you do about that? >> well, what we heard today was absolutely outrageous. $50,000 for that video that
5:03 pm
probably a high school class could have pieced together for a couple of bucks. that was an outrage. then you heard 60 some thousand dollars for trinkets for irs employees. what is it, a plastic squirting fish? i thought that the, you know, when we uncovered some of the expenditures with gsa and we started going after this stuff which we launched that last year. melissa: right. >> the 20,000 drumsticks were outrageous. now we have the squirting plastic fish. and $60,000 theee. you had $135,000 for speakers of which they paid 17,500 to a guy that did some artwork, some of which are missing. the two they sold for less than $500. you had, a guy, listen to this, a conference speaker on happiness, $11,000. i could tell you that is not making the taxpayer happy.
5:04 pm
melissa: no. >> and certainly isn't making me happy. melissa: no, it isn't. faris fink, came out, he was the star of that video. he faced the music today. i want to play what he had to say and we'll talk about it on the other side. here is what he said. >> those videos were, at that time they were made, were attempt to, in a well-intentioned way use humor. a "star trek" video to open the conference. the dance video was used to close the conference. they would not occur today based upon all the guidelines that exist and, frankly, they were not appropriate at that time either. melissa: i mean would it really not occur today given the guidelines? i don't feel like that's the case. we hear about things like this and hear about what happened with the gsa, hear about it after the fact when my money is gone. are the rules in place to stop this from happening again or not?
5:05 pm
>> well, i don't think they are. we may have to change the law but certainly, we, from what we heard the law wasn't broken. that's a problem because we need in place the law, to hold people accountable. and then, people managing these programs that aren't wasting them, taxpayers are working so hard to send their money to irs or to washington. this guy, i brought this to the hearing, this is the guy that was in the hot tub. he is the one that helped me bring this to the nation's attention. this is the gsa employee. melissa: right. >> filmed himself and had a couple of wine glasses in the hot tub. that actually helped us stop some of this. as you heard today, they went from $37 million on conferences to about 4 million when this story broke. melissa: why are they spending any money on conferences? why are they doing any of this? i mean the fact that they say that they cut
5:06 pm
dramatically, that they're paying, they're spending whatever it is 1/7 what they used to spend, why are they spending any of it at all? >> well again, there are some justifiable reasons for getting together for having staff meetings and things like that. melissa: not for trinkets and videos. >> oh absolutely, yes. for $135,000 in speakers. the planning conference people, they knocked off about 130,000. then they sent out an irs employees who spent another 30 i think on the plane tickets. but the, egregious spending is highlighted by what irs was doing and this hearing, we could see today what they were doing. but the good news we have stopped most of it. we need the rules in place. the other thing too, i want people held accountable. the guy testified today got a bonus. did you hear that? and a promotion after that. melissa: no. that's incredible.
5:07 pm
they all should be fired. i don't want to lose sight of the fact one of the original questions out there, whose idea was it to go out to target conservative groups. i hope the answer to that question and that quest is not getting lost in this distraction of how much they spent on this. are you still on track to find out the answer to that? >> absolutely. and, as you know, we have deposed some of the people from cincinnati, the so-called low level people that meet around the watercooler and decide who to target. they said, hey, this wasn't our idea and they pointed up. melissa: well -- >> then the people up we talked to pointed down. melissa: you have to get to the bottom of that. >> exactly. thorough investigation. >> we can't let the rest of this, as heart braking and amusing as it is, we can't let the rest of this distract us from the fact we must find out whose idea that was. i know you will stay on. thanks for coming on the show. >> appreciate it. melissa: time for today's fuel gauge report.
5:08 pm
u.s. nuclear plants spent $3.6 billion on modifications over the next three to five years. that's a lot of money. regulators ordered 102 nuclear plants to get better equipped to handle floods and earthquakes. of course that is in response to 2011's fukushima nuclear disaster in japan. pedavesa, venezuela state-owned oil company, scored $4 billion of fund from china. that is interesting. that will likely come in exchange for future oil deliveries. china has reportedly given $40 billion in funds to venezuela is thinking the sinking u.s. dollar giving a boost to oil futures. crude rallied at settling at 94.76 a barrel. the other number would have been better. up next on "money," a new dire report says the economy still isn't in recovery yet. even more concerning, jamie dimon says he see as scary world ahead. yikes! that's enough to make me worry. our power panel weighs in
5:09 pm
ahead. plus, are customers going to flee verizon as the government spies on our call records? or is it just the cost of doing business in america? i have a strange feeling i'm being watched right now. do you feel that way? more "money" coming up. ♪ . 'm a careful investor. when you do what i do, you think about risk. i don't like the ups and downs of the market, but i can't just sit on my cash. i want to be prepared for the long haul. ishares minimum volatility etfs. investments designed for a smoother ride. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. she's always been able it's just her way.day. but your erectile dysfunction - that could be a question
5:10 pm
of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask ifour heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as ts may cause an unsafe drop in blood pressure. do n drink alcohol in excess with cialis. as ts may cause an unsafe drside effects may include heache, upset stomach, delayed backache or mule ae. to avoid long-term injury, seek immediate medical help foan ection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or if you have any allergicre, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a 30-tablet free trial.
5:11 pm
at od, whatever business you're in, that's the business we're in with premium service like one o of the best on-time delive records and a low claims ratio, we do whatever it takes to make your business our business. od. helping the world keep promises. folks have suffered from frequent heartburn but now, thanks to treating with prilosec otc, we dn't have suffer like they used to. [ bell dings ] ♪ [ horse whinnies ] getting heartburn and then treating day after day s a thing of the pt. block the acid with prilosec otc, and don't get heartburn in the first place. we've surcome a long way. ♪ [ le announcer ] one pill each morning. 24 hos. zero hearurn.
5:12 pm
5:13 pm
♪ . melissa: economic recovery? what recovery? we have a ucla forecast says it is not a recovery. it is not even normal growth. it's bad. oh, by the way, jamie dimon says things are going to get very volatile. are you worried yet? i don't know, i'm about ready to panic. our "money" power panel is here to break it all down. we have susan ochs former treasury market official. scott martin. christian dorsey with the% economic policy institute. let's tackle that ucla anderson school of management report. they put this out once a year. it is a big deal. it is quantitative work. susan, what do you think? you normally have a v-shaped
5:14 pm
recovery. you hit a slowdown like ww have. you bounce off the bottom.they l growth. what is going on? >> we're not bouncing oof the bottom but but ascending our way out of the pit. it is not great, not terrible. technical term. first quarter gd. was still not terrible. it is 2.4%. still not terrible. not a gangbusters recovery but it is not terrible. we're in this funny place. we're not in double-digit --. melissa: still, like what are we, five years out? >> listen, there are other studies that look like loads on trucks, loads on trains. that stuff is pouncing all over the place. it is not consistent. you're not getting stuff out in the economy because stuff is not being demanded. i like to see those studies turn up along with the ucla study convince me something is brightening. melissa: i think there has been, christian i want to get your response to this, i
5:15 pm
think there is fundamental change in the economy where we lost a whole bunch jobs that are not coming back and what we need to do is, this is like the other times we happened in the past we had a war or evolution of the internet come along to spark a big structural change in the economy. maybe it is shale and fragging. we could have a energy revolution that could create all kinds of new jobs, spur on the economy. make manufacturing cheap because of all the energy. christian, i've got a solution. do you have a solution? >> melissa, your solution would create the problem of dramatically increasing gas prices for consumers and businesses here. melissa: no, it would lower prices. it would lower prices. >> it wouldn't actually --. melissa: increase supply. >> internationally, melissa, natural gas is trading four times the amount it cost in the united states. if you see markets normalize closer to that end which you would if you increased exports the price for gas for u.s. consumers would choke off any associated benefits in jobs that you would get from releasing those restrictions. so that is not exactly --.
5:16 pm
melissa: had to sell it overseas you would add onto the price cost of transporting. would end up being the same price. we would not end up exporting. got to take a shot at it. >> how about the 1.45 trillion, that's with a t, kids, we have overseas in% cash parked at companies because they don't want to bring it back to u.s.? repatriation tax? you bring that money back, give them a tax holiday. reinvest, cap-ex, hire people. >> before we get to jamie dimon what do you do? >> a lot of interesting opportunities are on the horizon. the global allocation of capital is changing completely. we're seeing disintermediation and that will have profound effect. >> what does that mean in english for everybody out there. >> kick-starter, look at opportunities like new opportunities in consumer lending. people are able to borrow from places other than just traditional banks. people are looking how to get capital to new markets throughout the world in new and interesting ways.
5:17 pm
melissa: okay. >> that could ref solutio solutionize --. melissa: go ahead, very quick. >> instead of trying to figure out where we invent the next new boom, why don't we look what is tried and true and maybe sustained infrastructure initiative that actually repairs and buildings the stuff that we need that can keep us competitive. melissa: shovel-ready jobs. christian, those shovel-ready jobs. worked really well the first time. let me move on to jamie dimon because i doesn't want to run out of time here. he is over in china i believe he was and talking about the fact that we eventually have to get back to normal interest rates and transition to that, this is the dreaded transition everybody is talking about, when the fed actually gets out of the market and everything begins to go back tomorrow nonal. we'll see a lot of volatility as rates return to normal and go up. susan, i mean our biggest expert on this are you worried about this transition when ben bernanke gets out? >> i think this is the fear of the fear. jamie dimon actually said he wants to see interest rates get back to normal. melissa: yes, yes. >> but he is worried what the volatility will look
5:18 pm
like. melissa: yes. >> you parse that out, what he is saying i will react normally when this happens but i'm worried what everyone else does. melissa: jamie is not scared of anything. >> exactly. he knows what he will do. he will have moderate reaction. worried what everyone else will do. melissa: it will be volatile. >> people will be afraid the fear. >> higher rates. on your show three months ago, rate profits stink because the yield curve is flat. rates normalized that benefit banks and structure of our economy. melissa: what does that have to do with being afraid? >> jamie, hello, this is good our your banks. encourage it. melissa: he wants it. he thinks process of getting it. no pain, no gain. when i go to the gym, no pain, no gain. if you don't work out hard enough you will not grow. melissa: christian. >> can be all managed carefully with monetary policy with slow rising of interest rates and spaced out over a significant period of time to allow the economy to adjust. the fear i actually think he
5:19 pm
is right to put that out there so everyone is cautious about overreacting to interest rates increases. melissa: okay. >> which naturally have to come. melissa: if there's anyone who has a sense of whether or not the fed can manage us out of this wouldn't you think it would be jamie dimon? if he says it will be volatile and scary don't you think he probably has his fink on the pulse? >> he hasn't been really ben bernanke biggest fan in a lot of reex-is. i also think, don't forget, volatility helps the banks in some reex-ises. with trading operations they love volatility because traders know when that is how they make money. melissa: that what you do. you guys were great thanks for coming on. we solve auld of it. i'm not scared anymore. coming up on "money," are you verizon customer? will you switch carriers now that they know your phone data is in hands of the government? plus, hmmm, grilled cheese and tomatoes soup. look at that. delicious.
5:20 pm
too entrepeneurs of shark tank fame cook up a delicious new franchise. if you're making an offbeat investment it may as well be cheesy. they will tell us who you to buy it. do you ever have too much grilled cheese? no, it is not possible. ♪ . [ male announcer ] i'veeen incredib things.
5:21 pm
otherworldly things. but the are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ how old is the oldest person you've known?
5:22 pm
we gave people a sticker and had them show us. we learned a lot of u have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed much is the official retirement age. ♪ the question is how do yomake sure you have the money you need enjoyll of these years. ♪
5:23 pm
5:24 pm
tdd# 100-345-2550 and the streetsmart edge trading platform from charles schwab tdd# 1-800-345-2550 gives me tools that help me find opportunities more easily tdd# 1-800-345-2550 i can even access it from the cloud tdd# 1-800-345-2550 and trade on any computer. tdd# 1-800-345-2550 and with schwab mobile, i can focus tdd# 1-800-345-2550 on trang anyplace, anytime... tdd# 1-800-345-2550 until i choose to focus on something else. tdd# 1-800-345-2550 [ male announcer ] all this with no trade minimums. tdd# 1-800-345-2550 and only $8.95 a trade. tdd# 1-800-345-2550 open an accot with a $50,000 deposit tdd# 1-800-345-2550 and get 6 mohs commission-fe trades. td# 1-800-345-2550 call 1-866-884-2828. ♪ . melissa: whether it is on wall street or main street here is who made money today. everyone had owns verizon. sure, it secretly gave phone records of millions of its customers to the nsa but that is stuff translated into a big rally for the stock. how is that possible? it was the dow's biggest gainer today, climbing nearly 3 1/2%. meanwhile, losing money today, bullish investors in the u.s. dollar. the green back got hammered. ecb president mario draghi
5:25 pm
says no further monetary easing is coming to help the e.u. economy, oh, no, giving a big jolt to the euro. the dollar took the biggest one day hit to the japanese yen in two years that was a huge move. making money and history today, amc's the walking dead, it won the crown for the top-rated scripted series in all of television this season. it is the first time a cable show ever achieved that milestone. you know its ad rates and actor salaries are going way up. as if the government hasn't had enough scandals in the past few weeks now, a new shocker. our government has been seizing phone records of millions verizon customers for years, which is particularly interesting when you listen to what then senator obama said about the patriot act back in 2005. >> if someone wants to know why their own government has decided to go on a fishing expedition through every personal record or private document through the library books that you read, the phone calls that you've made,
5:26 pm
the e-mails that you have sent, this legislation gives people no rights to appeal the need for such a search in a court of law. melissa: huh. what a difference seven years makes. but how is this going to hit verizon's business? will customers flees to other carriers? and have they all been doing this too? with me now is judge andrew napolitano, fox news's senior judicial analyst. thanks so much for coming back. let's start with the video. >> a pleasure. the world looks very different from the inside out of the white house out than from the outside in because the president of the united states acknowledged today, reluctantly, sheepishly, he had been doing what he criticized in the wonderful clip that you just showed. can you escape this by leaving verizon? verizon has 113 million customers by its count. and they transmit or carry a billion phone calls a day in the united states. melissa: astounding. >> we don't know if the same
5:27 pm
search warrant signed by the same judge or if a different search warrant signed by a different judge applies to the other carriers. one would think they did not isolate, right. melissa: spying on everyone everywhere. what is the logical extension of this? there is a lot of reaction. people on the twitter feed i'm kind of shocked to fupd out that people are you are is is priced by nsa verizon story. this is one of our responders on twitter. people basically weren't surprised to hear this. they expect they're being spied on. they say if you're not calling a terrorist why should you be worried. why should you be worried? >> you should be worried people behave differently when the government is watching them. we have a natural right and we have a the constitutionally protected right to be left alone. the whole purpose of the fourth amendment, the reason the founders added the fourth amendment was to stop fishing expeditions like this. to stop a broad sweep of everybody in the cross-hairs of the government. when the government is just
5:28 pm
looking for a few discrete individuals. when we were colonists, the king and parliament authorized british soldiers to write their own search warrants. they authorized themselves to enter the homes of the colonists. after we won the revolution and wrote a constitution we added the fourth amendment so that would never happen here. guess what? it's happening now. the very fishing expedition that this administration persuade adjudge to authorize them to do is the very thing that the fourth amendment was written to stop. melissa: where does it go next? what are you worried about? >> it will go in one or two directions. either the american public is so accustomed to the logs privacy they will go on and let the government keep them under a microscope. or, the congress will rise up and the people will rise up and say, enough is enough. you are after 10 people and you surveiled the records of 113 million? you have all of our phone records and you want us to but you're not listening to
5:29 pm
phone calls? who would trust them after this? melissa: do you think they're listening? are they reading e-mails? what the logical extension of this beyond just getting the numbers of who you're calling? >> the logical extension is to actually read e-mails and listen to the phone calls. melissa: yeah. >> that brings us --. melissa: do you think we're close to that? do you think that happens? i do think we're close to that and i do think they do it. in 2008, in 2005 the bush administration was caught doing this, they said they stopped and went back to it in 2008. we know that "abc news" reported that nsa staffers were listening to people's phone calls while they were having phone sex. melissa: what about verizon and verizon shareholders? they take a hit. people say the stock went up today but over time if you hear about this and go out and choose between verizon and at&t you -- >> i don't blame verizon. verizon is resip yet of an order it can not really challenge. melissa: no. but shouldn't they have recourse? the government is forcing them over a barrel, saying give me your records.
5:30 pm
they're alienating their customers. do they have any choice? not only do i not blame them, i think they're one of the victims. businesses forced to comply are the victims. >> of course they're a victim and i wish she would challenge the government but when the bush administration knocked on the doors of five telecoms in 2005, and four said yes, one said no. you remember the one said no. quest? you remember what the name of quote, joe nacchio. 10 years of insider trading. would they have indicted him if he said yes? the government plays hard ball. they can't play hardball with our constitutional rights. that's what they're doing. melissa: we've got to go. judge, thank you. you're always wonderful. >> anytime no matter what we talk about. melissa: all right. >> got barbara. you got mark. 300,000 each for 30%. what do you say? ♪ . >> i say we take the deal. >> you are the two we were talking about the whole time.
5:31 pm
>> not easy being cheesy. melissa: and he would know. that is how you close a deal. that was the scene from abc's "shark tank". two unknown entrepreneurs sold a stake in their startup restaurant chain for a whopping $600,000. tom and chee is a fledgling fast casual chain that only sells grilled cheese and tomato soup. might i say, what a grrat idea. since "shark tank" aired last month, they have seen a 50% increase in sales in their five locations. they have gotten 5,000 franchise requests from all over the world. all day today, on fox business we've been talking about offbeat investments. this is one of if i ever heard of. here with all the cheesy details. tom and chee co-founder, trew cashen space bush and cory ward. thanks for coming onto the show. what an incredible story. how did you get idea? were you set up in a tent outside of an ice sitting ring?
5:32 pm
how did you get from that to "shark tank"? >> a lot of hard work. we started in december of 2009. basically emptied out our bank account and bought a tent and griddle in cincinnati's founders square and built you are empire. melissa: i went on "shark tank". not easy to win those g barbara corcoran i know her well. she is an incredible businesswoman. she is still an investor in your franchise. i understand, so, mark cuban was originally, sorry looking at my notes. mark cuban was originally in the company but he wanted you guys to be corporate and not be a franchise. so he is no longer an investor. why were you so committed to the idea of a franchise? what does that bring to your business? >> this is just, sometimes we started that is really the direction we wanted to go. we're from cincinnati. i've grown up here. i'm very familiar with the area. i think i can do this here but even once we get to new york, going out to california and stuff better to have people familiar with
5:33 pm
the area running those restaurants. and, didn't really interest in becoming a huge giant conglomerate. we do franchising. as a lot of other people across america a chance to pursue their own american dream. melissa: absolutely. that is one of the things we're talking about all day on fox business. franchising is such an interesting opportunity for people who are out there watching and they realize, the jobs they had and the jobs they want in this country are not there anymore. they want to go into business for themselves. franchising a fantastic idea like yours already out there is one really interesting way to get into business. i know a lot of people that are doing it. let's talk about what it takes. i'm reading the initial franchise fee costs $35,000. what else does someone have to do from there if they want to be one of your franchisees? walk me through it? >> they will pay for the fee up front. and then, you know we're going to research locations. all in all, they're going to be looking, say they went from a white box up. they will probably be spending 2 to $300,000 total
5:34 pm
investment to get into a franchise. but, you know, the risk level is a lot lower with a franchise because we've done a lot of the brand testing. we created the systems that you're going to use. really you're coming into a situation where you're putting up money that, into a system that you know is started to, started to produce. melissa: absolutely. it is a lot harder to borrow money if you go out and want to borrow money in order to start a franchise like yours as opposed to doing a subway or mcdonald's. it is easier to borrow the money because banks understand that brand better. who is your ideal person as you look at someone who could start one of your franchises? who in our audience, who is the perfect person to be one of your fran cheeses? describe them to me. >> in our first wave of franchising, the group of franchisees are multiunit developers who have done this before. we've been talking to people that have been doing this 20, 30 plus years. we really need them to help
5:35 pm
us shore up our systems, make sure we have everything locked into place. then our second and third wave of franchises, we'll get down to more families, husband and wives that are interested in doing something like this. then we'll have the bigger support system ready for them when the time comes. melissa: somebody wants to answer the phone in the middle of the night something going wrong at the franchise so committed to the business and willing to live and breathe it, so excited about the product but really wants to take a risk and wants to become a millionaire at the end of the day when it is a huge success. guys, thanks for coming on the show. do you have a grilled cheese doughnut with you? >> we do. melissa: can you hold it up. i was told i was getting one. why didn't you send one to me? >> i will mail you one. melissa: i, ah, that looks good. grilled cheese, is it sweet or is it salty? >> than you describe it to me? >> this little bit of both. this is ham and brie cheese and sweet and salty. melissa: send me one. i want it so much. thanks guys for coming on
5:36 pm
the show. up next on money. the only thing better than a grilled cheese sandwich would getting to eat it in one of these cars. the head of hen necessarisy performance -- hennessey performance gives us the road rules investing in vintage autos. should you pay a fine if your kid is a bully at school? some parents are up in arms in one wisconsin town. could this be an effective answer to end bullying. the police chief joins us. "piles of money" and grilled cheese doughnuts i hope coming up. ♪ .
5:37 pm
5:38 pm
5:39 pm
5:40 pm
♪ . melissa: how many calories did that grilled cheese doughnut have? make your best guess on twitter. speaking of offbeat invests cars are becoming a hot new investment. if you really love old rides there is big money to be made. before you get behind the wheel there are some basic road rules to investing in these babies. john hennessey is founder and president of hennessey performance. great to see you again, john. thanks for coming back to the show. >> thanks, melissa. melissa: what are the basic rules, what do you need to know before you try to invest in this industry? >> i think the first rule is invest in a car look at a car that you have connection with, that you have an interest in. maybe it was a car that your parents had when you were
5:41 pm
growing up or a vehicle that your grandparents had way back when. melissa: but why? that doesn't make it a good investment. what are the type of things that really appreciate? >> well, you know, the cars that are really appreciating now i think that have the greatest potential upside, muscle cars from back in the '60s, camaros, shelby cobras, shelby must tanks, things like that, you can buy those cars and in 30 to $50,000 range. maybe they will be worth, who knows what in the future. i like to start with stuff that is simple, not with million dollar cars necessarily. melissa: what are basic rules that make things more valuable? i don't know anything about it. do you want to have all the original equipment? should it be restored to what it was? what are things that you look for? >> well, certainly having numbers match. having the vin number from the vehicle match and have the actual engine that belonged in the car when it was built knew, very important. if you have a nonmatching numbers car it is worth
5:42 pm
significantly less. i would suggest anybody that is kind new to this game, certainly use outside resources, use, a proper car appraiser to know exactly what you're getting before you write the check. melissa: what do you shy away from? what is a bad investment when you're out looking at vintage cars? >> well, i mean, you want to know exactly what you're getting. i would say the cars that are refered to in the industry as clones. so a car that was built to look like a shell by gt-350 mustang but it's not an actual car. something somebody built to make it look like that, you want to make sure you buy the real mccoy. that is very important. melissa: when you buy one. cars do you avoid driving it? does it make it worth less if you're out driving it around? >> depends. a perfect car, a car like museum quality you probably wouldn't want to drive it very much. my personal opinion is, if you're into cars, and you enjoy the thrill of driving it, drive it anyway.
5:43 pm
a lot of guys like jay leno and other collectors with cars that are worth millions and millions of dollars, they will still drive them anyway. what their mind set, worst-case scenario if i go to laguna and crash during the mom terry historic races i can rebuild the car. me personally, i would say have fun with it. melissa: what kind of pressure shun can you -- appreciation can you expect if you buy expensive car with all the things you talk about? >> give you a great example. in 1986 i just moved to houston. there was a car called mercedes 300 sl gull ink with. it was being sold at an auction at astrodome went for $60,000. which i thought was crazy amount of money way back when. today those cars are selling a million two. you have times 20 appreciation. >> that is amazing. thanks for coming on the show. appreciate it. >> thanks, melissa. melissa: next on "money," if your kid is a bully at school you may have to pay up. parents at one wisconsin will now be fined for their child's bad behavior.
5:44 pm
does the controversial law cross the line? we'll talk to the police chief behind it. don't go anywhere. at the end of the day it is all about money. ♪ . [ indistinct conversations ]
5:45 pm
[ pizza dodging man's mouth ] ♪ ♪ [ camera shutter clicks ] [ male announcer ] fight pepperoni heartburn nd pepperoni breath fast with tums freshers. concentrated relief that goes to work in seconds and freshens breath. ♪ tum...tum...m... tum...tums! ♪ tums freshers. fast heartburn relief and minty fresh breath.
5:46 pm
5:47 pm
5:48 pm
♪ . melissa: how is this for a way to stop bullying, make parents pay up. a new ordinance was will be fined if their child bullies other. if a child is reported by a police officer for bullying the sail minor within 90 days the parents could be ticketed. the fine is $114 for the first offense and $170 for any subsequent oaf phelpses. seems like an interesting idea. will it work? wino, police chief one of the law's top supporters. chief, welcome to the show. is bullying a really big problem in your town thaw decided to do this? >> well i think bullying is a problem everywhere. not just a problem just here or nationwide. it is more of a global issue. and one of my sergeants, ryan was the one who came up with this probably about a year ago. we were looking for a way where we could address bullying and we started
5:49 pm
working on an ordinance. it took us almost a year to the day to finally get this one in place. melissa: how do you come up with the numbers, 114 for the first fine and 177 after that? how did you come up with the rules? >> well, the fines are set by our city ordinance. what we did, is we incorporated four existing state statutes for disorderly conduct, harrassment, unlawful use of telephone for tepgsing and you lawful use of computer. if you were using social media, twitter, facebook to post things. that is incorporated in the ordinance. it basically decriminalizes those statutes and makes it an ordinance violation. so the standard ordinance violation is $50 plus court costs that is what boosted it up to $117 or $114. melissa: i know you adopted late last month. have you used it? has anyone been fined yet. >> we haven't fined anyone and our goal we never have to write anybody a ticket
5:50 pm
for something like this. this will not be automatic type, if your child is you will aboutlying we go to your door to write you a ticket. if your child is bullying and we go to the door and knock on the door that the person is responsible and trying everything they can and just at wits end, had social workers working with them to try to curtail it, but its no the working we'll try to help them. it is those rare cases where you go to the door and the child is perfect. they do no wrong. and the person slams the door in your face and just absolutely wants to have no all. those are the rare instances where this might apply to a parent. melissa: this is so interesting to us. of course this show is called "money". you know, so it makes sense you would want to incorporate a fine, a financial punishment to try to get people's who night not otherwise pay attention. what is support in the town? how have people reacted? >> we got overwhelming support. i can't believe the amount of contact i have gotten from other media across the
5:51 pm
world, particularly up in canada, toronto, all across the united states. i'm getting e-mails daily from parents thanking me, voice mails, thanking me. people are saying, why wasn't this around, 20 or 30 years ago? so it just, it was something that is really shocking and, i think if nothing else, it is going to generate a lot of discussion around the dimmer table between parent and their kids. melissa: interesting. walter, i hope you come back on the show. we would love to check back in with you six months from now and see how many fines you've given out or how this worked out and how many towns have also done it. keep us posted. thanks for coming on the show. >> okay. thank you very much. melissa: we appreciate it. up next, who says nothing good can come out of the new york city subway? what has been lost in its cars can now be yours, if you want it. everything from jewelry to ipods, to a photo copier? a photo copier. that is coming up for auction. how do you lose a photo
5:52 pm
copier in the subway? i don't know. not even the weirdest thing you can bid on. stay right there. you can never have too much money. we'll be right back. ♪ . change makes people nervous. but i see a rld bursting with opportunity, with ideas, with ambition. i'm thinking about china, brazil, india. the world's a big place. i want to be a part of it. ishares international etfs. emerging markets and single countries.
5:53 pm
find out why nine t of ten large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus, which includes investment objectives, risks, charges and expenses. read and consider it carefully. risk includes possible loss of principal.
5:54 pm
5:55 pm
♪ melissa: all right.
5:56 pm
it's time for a special "spare change." two of our favorites. thank you for coming on. we have good stuff tonight. the answer yet always wanted to know, what happens to all the stuff that gets left and the york city subway? gets auctioned off. i did not even know that. you can bid on everything. in case you ever wanted to or someone else's hearings to 106 pairs. all of those forgotten items supposedly bring in an extra $20,000 for the city. are you going to bid on any of this? of printer. how do you even lose your printer on the subway? sixty digital cameras, 29 game boys, 106 hearings. but maybe there are pairs of earrings. >> not a chance. by the way to make was laying around in the subway. subway gerunds, people germs. >> bidding and the 62 watches
5:57 pm
and bracelets that were found in the subway. >> the most intriguing thing to me of the digital cameras. you can create an art exhibit with all the photos the loss to then the cameras. >> you could, would you want to? >> of creepy. melissa: i cannot believe there are auctioning the stuff off. if find it and they say, let's make an extra 20 grand a month. it's pretty cool. melissa: i guess. it's a little creepy. you know how having a glass of wine is a great way to relax? how about a can of wine. now selling wine by the can for $7. it's cheaper the more you buy. the sons and a problem. it looks good to me. i love cheap wine. i am a really cheap date. and now, bad white wine. what do you think? >> i am good. no problem. melissa: sounds good to me. what do you think? >> you better stick to the hard stuff. they come in all of these brief
5:58 pm
flavors. melissa: something wrong with that? >> one or two, it gets cheaper. by 34. >> the volume discounts. melissa: here is. prosaic, moscow. strawberry, peach. red-and-white santa maria. i wanted now. ninety-one to gee on the plan for it. are you too expensive for this? >> i am too highbrow for that. of very, very stiff hangover. altitude plus alcohol. >> is out like he is a man of experience. melissa: a grilled cheese done that. isn't that how you cure the hangover? not that i know. switching to a solution. the town of spain is actually recruiting volunteers to go out and spot dog owners that did not pick up after they're dogs. then they will chat long enough to get the dog's name and breed and then look the person and where they live and ship the
5:59 pm
poop back to the owner. i can't believe they're watching this. >> i like the idea. shipping the pullback to the owner is a great idea. >> it's fantastic. how many times you see these dog owners not clean up after the dog. >> everybody takes care of the problem of there. downtown it is a different story. >> i have handed bags out to people. take an extra bag. melissa: do you have a dog? is this a problem in your neighborhood? are you a suburban pertinent to the person and have no idea what we're talking about? >> i know all too well. i would do what they do in paris in a city employees to have them backing it up. melissa: i walked around paris and right into a pilot poop. battle begins working that well. paris is not super clean. >> you are probably looking in windows and a looking where you were walking. melissa: i don't know. i think the mail system is a
6:00 pm
genius. >> and the retribution, i think it is absolutely perfect. melissa: on that sticky know, that's all the "money" we have for you today. you will see you back here tomorrow. i've been to get some canned wine and a grilled cheese donut. "the willis report" is coming up next. gerri: hello, everybody. i'm gerri willis. tonight on "the willis report" a little girl's fight to get a life-saving lung transplant. a special report on the open -- organ donor network. also, 30 year mortgage rates jumped. will the spike in borrowing costs hurt the housing recovery? and want to make money? stocks and bonds not for you? >> by something that you loved. learn about it. gerri: the big returns from of the investments. watching out for you tonight on "the willis report." ♪ gerri: we will have all of that and m

36 Views

info Stream Only

Uploaded by TV Archive on